Trustee Reports on Madoff Victims and Claims |
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On July 10, 2009, Irving Picard, the court-appointed trustee who is overseeing the liquidation of Bernard Madoff’s assets and repayment of funds to those he defrauded, has officially reported what many have suspected since news of the fraud first broke. Picard reports that it is unlikely that investors can be made whole on their losses because there simply are not enough assets to satisfy all of the claims. Picard further reports that unraveling the mess will be a monumental task as Madoff has scattered assets throughout the world. From the beginning, it has been suspected that the extent of the fraud and the whereabouts of all of the stolen assets may never be fully determined.
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